Mansfield's continued strong growth has spurred the sale of nearly 41 acres of development land along US Hwy. 287 to two unrelated buyers, who are planning to develop a business park and self-storage complex on adjoining tracts in southern Tarrant County.
The sales have closed simultaneously with a cross-access agreement as part of the terms between All Storage, which bought 5.3 acres, and a newly formed partnership, 34.5 Acres Highway LLC, which purchased the neighboring 35.5 acres. The light-industrial development sites are located at the junction of US Hwy. 287 and Commerce Drive in south Mansfield.
Wayne Burgdorf, vice president of Arlington-based Coldwell Banker Commercial Advisors DFW, represented the sellers, LEJJ Realty LLC (5.3 acres) and Premier Funding Group Inc. (35.5 acres). All Storage's broker was Coy Quine of Quine & Associates Inc. of Richardson and the other buyer had Clay Wilkinson of Ritter & Associates of Mansfield negotiating on its behalf.
All Storage is planning to develop two climate-controlled buildings, totaling 216,723 sf. Development plans are pending with the city.
Unlike the All Storage site, the larger tract of raw land needs additional utility lines and access roads, one of which necessitated the cross-access agreement. Future plans call for subdividing the acreage into sites ranging from two to 10 acres. The land has 1,500 feet of unobstructed freeway visibility, in-place Triple Freeport tax exemptions and potential rail access along its northern boundary. Development of the unnamed business park will be demand-driven.
"We've already had interest in these smaller sites," Burgdorf says. "The neighboring Hillcrest Business Park is nearing build-out, which is why there is strong demand for more industrial sites in this area."
Mansfield has experienced exponential growth since 2000 as a bedroom community for Fort Worth and Arlington. Population has more than doubled to nearly 70,000 and the average annual household income is $110,725, the catalysts for new development.
According to the Mansfield Economic Development Corporation, only 60% of its acreage has been developed with the southern sector boasting largest inventory of available land for commercial and residential development. The 287 stretch is bustling with activity. The neighborhood includes Fieldhouse USA, which opened a multi-sports community facility in January. Hobby Lobby is poised to open just to the north of the just-sold sites and Academy Outdoors and Belk plan to break ground in the near future. Also under construction is the Mansfield Dr. Pepper StarCenter ice arena, slated to open in November. And to the south are 2,230 acres in various stages of development for three single-family residential communities.
"Mansfield is well on its way to becoming more than a rural bedroom community, as we've seen in the past few years. It's a hotbed of development and investment activity," says Burgdorf, who's witnessing a significant uptick in interest and sales of land that's been waiting in the queue for Mansfield's next stage of growth.
SALES
Premier Funding Group Inc. has sold 35.5 acres near the intersection of US Hwy. 287 and Commerce Drive, Mansfield, TX, to 34.5 Acres Highway LLC. Wayne Burgdorf of Coldwell Banker Commercial Advisors DFW represented the seller. Clay Wilkinson of Ritter & Associates represented the buyer.
LEJJ Realty LLC has sold 5.3 acres at the intersection of US Hwy. 287 and Commerce Drive, Mansfield, to A/S Mansfield LLC (All Storage). Wayne Burgdorf of Coldwell Banker Commercial Advisors DFW represented the seller. Coy Quine of Quine & Associates Inc. represented the buyer.
LEASE
Ethan Newcomer has leased 1,784 sf of office space in Tribros Plaza, 3825 Green Oaks Blvd., Arlington, TX, from Tribros Properties. Beaux Riley of Coldwell Banker Commercial Advisors DFW represented the landlord. Valerie Goodwin of Mensal Realty represented the tenant.
Founded in 1992 as SCM Real Estate Services Inc., Coldwell Banker Commercial Advisors DFW is a full-service commercial real estate firm providing clients with expert advice and strategies customized to their particular needs. Our services include investment sales, project leasing, property management, tenant representation.
